Daily Updates

Income Tax : One-time relaxation for verification of all income tax-returns e-filed for the Assessment Year 2020-21 up to 28.02.2022 which are pending for verification and processing of such returns. (Circular No. 21/2021-dtd.28.12.2021).

Income Tax: CBDT notifies Income-tax (34th Amendment) Rules, 2021 wherein Rule 2DD has been inserted for Computation of exempt income of specified fund which is attributable to units held by non-resident for the purposes of clause (23FF) of section 10 (Notification No. 138/2021 dtd.27.12.2021)

Income Tax : CBDT notifies Faceless Appeal Scheme, 2021 wherein a personal hearing through Video Conference (VC) can be requested by Assessee to CIT (A). No discretion with the CIT (A ) to refuse such request of oral hearing through VC. (Notification No. 139/2021 dtd. 28.12.2021)  

MCA : No additional fees for the filing of e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non-XBRL up to 15.02.2022 & for filing of e-forms MGT-7/MGT-7A upto 28.02.2022 for FY ended on 31.3.2021. (General Circular No. 22/2021 dtd. 29.12.2021)  

Other : Soya Meal has been included in the list of  Essential Commodities Act, 1955 to regulate the production, stocking and distribution. ( Notification no. S.O. 5369(E))

RBI: Period has been extended up to 30th June 2022 for storing card data by authorised non-bank payment aggregators and merchants on-board after that it will be prohibited. ( Circular No. RBI/2021-2022/142 CO.DPSS.POLC.No.S-1211/02-14-003/2021-22 dtd. 23.12.2021)

MOF: Electronic Gold Receipt notified as security under Securities Contracts (Regulation) Act, 1956 ( Notification No. S.O. 5401(E))

Ministry of Finance : Bullion spot delivery contract and Bullion depository receipt notified as securities for issuance & Trading in International Financial Services Centres Authority Act (IFSCA) (Notification NO. S.O. 5392(E) dtd. 24.12.2021)

Other : In order to promote primary listing of debt securities on the recognised stock exchanges in the IFSC, it has been decided to defer the levy of regulatory fee of USD 1,000/ – in respect of listing of privately placed debt securities, till March 31, 2023. (CIRCULAR No. IFSCA-PLNP/5/2021-Capital Markets dtd. 23.12.2021)

Others: NPS/APY Functionalities released by CRAs during Quarter II (FY 2021-22)  

SEBI: Restoration of relaxed timelines w.r.t. validity of observation letter pertaining to Mutual Funds (CIRCULAR No. SEBI/HO/IMD/IMD-II DOF3/P/CIR/2021/698 dtd.22.12.2021)

GST: Mandatory Aadhaar authentication for registered person under GST. (Notification No. 38/2021-CT dated 21.12.2021)

GST : CBEC notifies provisions of sections 108, 109 and 113 to 122 of Finance Act, 2021 (FA, 2021) wef 1st day of January, 2022. (Notification No. 39/2021–Central Tax dtd.21.12.2021)

Customs : CBIC notifies Rate of Exchange of Turkish Lira against Indian Rupees with effect from 23rd December, 2021 vide Notification No. 102/2021-Customs (N.T.) dtd.22.12.2021

Customs : CBEC has introduced anti-dumping duty on imports of ‘Hydrofluorocarbon Blends’ originating in or exported from China PR for a period of five years. (Notification No. 76/2021-Customs (ADD) dtd.22.12.2021)

Customs : In order to align the first schedule of Customs Tariff Act, 1975 with the Harmonized System (HS) 2022, the same will be come in to force from January 2022. (D.O.F. No. 524 /11/2021-STO(TU)dtd.20.12.2021)

Others: JNCH has amended the procedure for re-sealing of containers with broken/absence/mismatch of seal including tampered seal to be followed at Port Terminals. (Public Notice No. 101/2021 dtd. 09.12.2021)

Customs: Anti-Dumping duty on the imports of Axle for Trailers in CKD/SKD form originating in or exported from the Peoples Republic of China. (Notification No. 69/2021-Customs (ADD), dtd. 13.12.2021)

Income Tax: CBDT notifies e-Verification Scheme, 2021 (Notification No. 137/2021 dtd.13.12.2021)

SEBI: SEBI has constituted ‘Advisory Committee for Leveraging Regulatory & Technology Solutions’ to guide them in enhancing technological capabilities and exploring new solutions for early detection of market anomalies. (Press Release No. 35/2021 dtd.14.12.2021)